Online reports that Bitcoin online trading activity has dropped to its lowest level in 18 months. The 7-day moving average transaction volume fell to 316,000 last week and has now rebounded slightly to about 350,000. This figure is in stark contrast to the 700,000 transactions per day during the peak period of Bitcoin's native protocol application in mid-2024. The sharp decline in trading volume reflects the cooling of speculative activity around bitcoin-native protocols such as Runes and Ordinals. These protocols, which once brought Ethereum-like application features to Bitcoin, have gradually faded out of mainstream attention, and traders 'interest has shifted to other blockchain ecosystems that are more natively supporting such activities.